will there be any problem's with doing this considering NSObject's have there own method for Allocating & Freeing memory?

In textBase, text is a pointer to an NSString. The allocated memory will be the size of a memory address, plus two GLints. So, to malloc it is quite right. However, when you call free, it will not release text.

As Seth said, if you call free on an NSObject, you're in for some trouble. If you have to use free, then you probably aren't using the retain-release paradigm correctly anyways and so should spend some time with the memory management guide.